DHAKA: Commerce Minister Tofail Ahmed on Wednesday categorically said advices of International Monetary Fund (IMF) is not necessary to implement the VAT Act.

The commerce minister made the observation while addressing a seminar titled ‘Value Added Tax and Supplementary Duty Act-2012’, organized by National Board of Revenue (NBR), at Institute of Diploma Engineers in city at noon.

Urging the finance minister, Tofail Ahmed said, “IMF advices were not taken during composing the Value Added Tax Act, 1991 and there was no problem whatsoever for taking advices of local experts.”

He added: “The opinions of the businessmen also should be reflected in the new act. We need not to consider the opinions of IMF in this regard.”

Tofail also said, “We cannot do anything against the opinions of our businessmen as they have been playing a vital role in the field of VAT.”

The ruling Awami League lawmaker also said a section from the new act and said this would destroy the spirit of small and upcoming entrepreneurs and asked the finance minister to pay heed to this.

With NBR Chairman M Golam Hossain in the chair, the program was also addressed, among others, by Food Minister Advocate Quamrul Islam, Prime Minister Sheikh Hasina’s Dr Mashiur Rahman and FBCCI President Qazi Akram Uddin.

BDST: 1745 HRS, SEP 10, 2014